U.S. Markets closed

Salesforce raises full-year revenue outlook on hybrid work boost

  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
FILE PHOTO: The company logo for Salesforce.com is displayed on the Salesforce Tower in New York
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

(Reuters) -Salesforce.com Inc on Thursday raised its full-year revenue forecast, as the pandemic-led shift to hybrid work fueled demand for its cloud-based software.

Shares of the company were up 2.4% at $265.4 in premarket trading.

The business software maker's revenue has gone from strength to strength over the past year, with the rise of automation and artificial intelligence likely to keep that momentum going.

A slew of deals, including the purchase of workplace messaging app Slack, has also helped Salesforce fend off competition from legacy players like Oracle, Microsoft and German competitor SAP.

The company now expects fiscal full-year 2022 sales between $26.25 billion and $26.35 billion, up from its previous forecast of $26.2 billion to $26.3 billion.

Salesforce also expects fiscal year 2023 revenue of $31.65 billion to $31.80 billion. Analysts were expecting revenue of $31.47 billion, according to IBES data from Refinitiv.

(Reporting by Akanksha Rana in Bengaluru; Editing by Shailesh Kuber)